Global Oncology Drugs Market to Surpass US$ 301.8 Billion by 2030 - Coherent Market Insights

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Aug 08, 2022, 13:30 ET

SEATTLE, Aug. 8, 2022 /PRNewswire/ -- According to Coherent Market Insights, the global oncology drugs market is estimated to be valued at US$ 119.0 billion in 2022 and is expected to exhibit a CAGR of 12.3 % during the forecast period (2022-2030).

Key Trends and Analysis of the Global Oncology Drugs Market:

Major players operating in market are focusing on adopting strategies such as product approvals, which is expected to drive the market growth over the forecast period. For instance, on June 4 2022, The World Health Organization (WHO), collaborated with the American Society of Clinical Oncology (ASCO), association of physicians and oncology professionals, to develop and promote cancer care innovations that are specifically designed to enhance health outcomes, and take account of the contexts in which patients live.

Furthermore, in September 2021, Secura Bio, Inc.,an integrated pharmaceutical company dedicated to the worldwide development and commercialization of impactful oncology therapies, announced that it has entered into a distribution agreement for COPIKTRA (duvelisib) with Clinigen Group Plc (Clinigen), a global, specialist pharmaceutical services and products company, covering 39 countries in Europe including Austria, Belgium, Croatia, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, The Netherlands, Poland, Portugal, Spain, Sweden, and Switzerland.

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Key Market Takeaways:

Market players are focused on growth strategies such as signing distribution agreements with governments of respective countries. This in turn is expected to drive growth of the global oncology drugs market. For instance, in September 2021, Knight Therapeutics Inc., a Pan-American specialty pharmaceutical company, announced that it had entered into a definitive agreement with Incyte Biosciences International Sàrl, the Switzerland based affiliate of Incyte, for the exclusive rights to distribute tafasitamab (sold as Monjuvi in the U.S. and Minjuvi in Europe) and pemigatinib (Pemazyre) in Latin America.
Among drug type, Targeted drugs segment generated significant revenue in 2022, owing to increasing incidence of cancer worldwide. For instance, on 29 March 2022, Sanofi, a global healthcare company and IGM Biosciences, a clinical-stage biotechnology company, announced a collaboration to create, develop, manufacture, and commercialize IgM antibody agonists against three oncology targets and three immunology/inflammation targets. Engineered IgM antibodies represent a new class of potential therapeutics that combine the multi-valency of IgM antibodies possessing 10 binding sites compared to conventional IgG antibodies having only 2 target binding sites.
Among region, North America is expected to hold a dominant position in the global oncology drugs market over the forecast period, owing to increasing number of inorganic growth strategies by key market players in the region. For instance, on June 27, 2022, the oncology Institute, Inc., value-based oncology groups in the U.S., announced the signing of an expanded partnership agreement with McKesson Corporation for drug distribution and clinical technology.
Key players operating in the global oncology drugs market include Hoffmann-La Roche AG, Novartis International AG, Celgene Corporation, Johnson & Johnson, Bristol-Myers Squibb, Pfizer Inc., Merck & Co., Eli Lilly and Company, AbbVie, Inc., AstraZeneca plc, Bayer AG, and Amgen Inc.

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Detailed Segmentation:

Global Oncology Drugs Market, By Drug type:

Cytotoxic Drugs

Alkylating Agents
Antimetabolites
Others

Targeted Drugs

Monoclonal Antibodies
Tyrosine Kinase Inhibitors
Others

Hormonal Drugs

Ovarian Function Blockers
Estrogen Production Blockers
Estrogen's Effect Blockers

Selective Estrogen Receptor Modulators (SERMs)
Others

Global Oncology Drugs Market, By Cancer type:

Lung Cancer
Breast Cancer
Colorectal Cancer
Prostate Cancer
Blood Cancer
Bladder Cancer
Others

Global Oncology Drugs Market, By Distribution Channel:

Hospital Pharmacies
Retail Pharmacies
Online Pharmacies

Global Oncology Drugs Market, By Region:

North America

By Country:

U.S.
Canada

Europe

By Country:

U.K.
Germany
Italy
France
Spain
Russia
Rest of Europe

Asia Pacific

By Country:

China
India
Japan
ASEAN
Australia
South Korea
Rest of Asia Pacific

Latin America

By Country:

Brazil
Mexico
Argentina
Rest of Latin America

Middle East & Africa

By Country:

GCC Countries
Israel
South Africa
Rest of Middle East & Africa

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Find related trending report below:

India Immuno-Oncology Drugs Market, by Drug Type (Immune Checkpoint Inhibitors (Nivolumab, Atezolimumab, Pembrolizumab, Durvalumab), Monoclonal Antibodies (Rituximab, Trastazumab, Bevacizumab , Nimotuzumab, Pertuzumab, Ado-Trastuzumab Emtansine ), and Cancer Vaccines (Gardasil, Cervarix), by Cancer Type (Lung Cancer, Blood Cancer, Breast Cancer, Ovarian Cancer, Cervical Cancer, Colorectal Cancer, Stomach Cancer, Head & Neck Cancer, and Others), and by Distribution Channel (Online Pharmacies, Retail Pharmacies, and Hospital Pharmacies) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

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